The European Investment Bank is set to issue a bond linked to the sterling overnight index average, or Sonia, as an alternative to the scandal-hit London Interbank Offered Rate, the Financial Times reported.

The sterling-denominated floating-rate bond is expected to mature between three and five years, with the launch and pricing subject to market conditions, the June 18 report noted, citing a person familiar with the plans.

NatWest Markets, HSBC, RBC Capital Markets and TD Securities have reportedly been appointed to plan the sale.